Municipal Bond Fund reaches $4.65 Billion

The Tennessee Municipal Bond Fund (TMBF) reached a pair of milestones recently.

Since inception, TMBF has loaned more than $4.65 billion and has now closed more than 1,495 loans. 

“These milestones show TMBF’s ongoing commitment to providing your community with the loans you need at the lowest cost so that you can create opportunities for your communities to grow,” said Charles G. “Bones” Seivers, president and CEO of the Tennessee Municipal Bond Fund.

The TMBF was created by the TML Board of Directors in 1986 to provide municipalities in Tennessee with low-cost funds. It began full operations by offering a pooled variable rate loan program as well as an alternative loan program.

To date, the TMBF programs have saved cities and counties more than $665 million in interest costs alone. TMBF was created for the sole purpose of saving cities and towns money.

“I feel we are accomplishing our mandate,” added Seivers.

In recent years, the TMBF has made a few changes in an effort to better serve Tennessee communities. TMBF began offering a fixed-rate loan option in addition to its variable-rate option. Since adding the fixed-rate option, TMBF has grown and the fixed rate loan option has become very popular.  

“We could not have done this without all the hard work of our dedicated board members and our extraordinary staff,” Seivers commented. “They work hard every day to make sure that we are providing you the best service and the loan options you want at the best price. We work with a number of banks in an effort to get our borrowers the lowest cost of funds that we can find.”

TMBF feels that the valuable part of its job is maintaining a great relationship with all municipal officials. This is a practice we have strived to create for more than 30 years.  

“When we look at the number of repeat borrowers, we get a renewed sense of dedication that makes us work harder every day to prove that the faith these communities have placed in us is not misplaced,” Seivers said. “I sincerely appreciate our partnership with the Tennessee Municipal League, and our relationship with all cities and towns in the state.”

Seivers stated that he is excited about the future of TMBF.  

“We offer many features and advantages that can save you money. All we ask is that you give us a chance to provide you with options.  We were created by you, for you. Our board of directors is composed of municipal officials, and we are always here for you.”